https://www.taxtmi.com/caselaws?id=345549 Amalgamation surplus credited to capital reserve on merger of a wholly owned subsidiary was treated as a capital adjustment, not a business benefit or perquisite under section 28(iv), so the addition was deleted. The ruling also held that government securities are capital assets and are not excluded from indexation by the third proviso to section 48, which applies to bonds and debentures other than capital indexed bonds issued by the Government. Indexation benefit was therefore admissible on their transfer, and the Revenue's challenge failed. en-us Fri, 31 Mar 2017 00:00:00 +0530 Thu, 20 Jul 2017 07:37:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345549 Amalgamation surplus credited to capital reserve on merger of a wholly owned subsidiary was treated as a capital adjustment, not a business benefit or perquisite under section 28(iv), so the addition was deleted. The ruling also held that government securities are capital assets and are not excluded from indexation by the third proviso to section 48, which applies to bonds and debentures other than capital indexed bonds issued by the Government. Indexation benefit was therefore admissible on their transfer, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345549